All posts by SEO Team

OSHA Fines Contractor $287,000 in Arkansas Due to Employee Safety Issues

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. Behind the Headlines In June 2022, two construction company employees in Arkansas lost their lives in a tragic workplace incident. The first worker entered a newly installed 20-foot-deep sewer manhole to perform a test and soon lost consciousness. A coworker attempted to rescue him but soon lost consciousness as well. Both workers later died from lack of oxygen in the confined space. The following OSHA investigation found that the employer not only failed to obtain the permits required by federal law for the work. The company, which specializes in concrete and tunneling work and wastewater pipe construction, also did not test the oxygen level before sending a worker into the manhole. With proper pre-entry planning, the lack of oxygen and the resulting need for ventilation would have been detected through testing.  Additionally, the employer had not trained its employees on the proper procedures for entering a confined space nor equipped them with rescue equipment. The company was subsequently fined...

Read more

By SEO Team

0

Dodge Data Concludes Recession in Construction Unlikely in 2023

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. Significance of Economic Forecasts in Construction The construction industry typically looks to Dodge Data & Analytics for economic forecasts to guide planning related to workforce development, equipment purchases, project financing, and other short- to medium-term business decisions. The big question for the construction industry in the first quarter of 2023 is whether the U.S. economy is likely to enter into a recession this year and, if so, how bad are things likely to get. The Construction industry relies on research and forecasts from other sources in addition to Dodge Data & Analytics, such as the National Association of Home Builders, the Equipment Leasing & Finance Foundation, and other industry groups, as well as a variety of private research firms. Predictions about the likelihood of a recession in the construction industry take into account such factors as: Inflation Interest rate movements Unemployment rates and job creation in various sectors of the economy Planned construction, and actual construction starts (residential, commercial,...

Read more

By SEO Team

0

Solar Panels Vs. Tesla Solar Roof: What’s Best for Your Next Build?

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. What Is a Tesla Solar Roof? Most people are familiar with solar panels, but the Tesla solar roof—not so much. Although Tesla introduced the solar roof concept in 2016, potential clients who inquire about your ability to install a solar system probably are envisioning the usual solar panels installed on their roof or on the ground nearby. A Tesla solar roof is made of tempered glass panels instead of shingles. The glass panels capture solar energy and convert it to electricity. Advantages and Disadvantages of a Tesla Solar Roof A Tesla solar roof maintains the look and functionality of a traditional roof. The panels are not mounted on the roof; they are the roof. Every square inch of a solar roof captures solar energy. The downside is that homeowners can’t take their solar roof with them when they move, though a solar roof can increase the home’s value for potential buyers. In terms of generating electricity, a Tesla solar...

Read more

By SEO Team

0

Are Solar Panels Ethical in Construction?

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. What Are the Primary Ethical Issues? Construction companies and their customers are justifiably concerned about the integrity and ethical conduct of the companies that manufacture, distribute, or install solar panels. Homeowners and businesses that opt for solar energy do so for one or both of these reasons: to reduce their carbon footprint and support the use of renewable energy, and/or to reduce their electric bills and obtain any available tax advantages. Not all companies involved in the solar industry operate in accordance with these expectations. Ironically, some manufacturers of photovoltaic panels and related equipment also are involved in activities that are harmful to the environment. Some are owned by companies involved in industries that extract, refine, or sell petroleum products or are responsible for high greenhouse gas emissions. Some have investments in such industries. Additionally, some companies in the solar industry have dubious sales practices and misrepresent what customers can expect to gain from installing solar panels.  And some...

Read more

By SEO Team

0

Is Solar a Good Investment for Your Next Build?

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with your construction bond needs. Is Solar Power a Good Investment? Solar energy is a booming industry. It will continue to grow rapidly as more states require new builds to incorporate solar technology to reduce carbon emissions from power plants using fossil fuels to generate electricity. States like New York and Illinois have passed laws establishing clean energy requirements for a certain percentage of electricity to come from renewable sources by a given date. But is solar power a good investment? Read on to find out. High Demand for Solar Systems The demand for solar power is growing even in states that have not yet passed clean energy laws. Consumers purchasing newly constructed homes or looking to have one built for them are eager to take advantage of solar power’s tax advantages and other financial benefits. Demand is also increasing in the commercial sector as more companies seek to demonstrate their commitment to renewable energy and increase their appeal to those seeking investments in environmentally and...

Read more

By SEO Team

0

Early Impact of IIJA on Roads

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your construction bond needs. What Is IIJA? When President Eisenhower signed legislation appropriating funds to build the U.S. Interstate Highway System of roads, bridges, and tunnels that greatly increased the ease of traveling from one state to another, coast to coast throughout the nation. Officially known as the Dwight D. Eisenhower National System of Interstate and Defense Highways, one of its purposes was to facilitate quick mobilization and movement of military troops and equipment when necessary. By the early 1990s, there were nearly 45,000 miles of interstate highway, giving people unprecedented mobility and spurring the growth of interstate commerce. However, nobody expected the highway system to last forever. The money appropriated for maintaining it ran out in 1972, and since then funding has relied on a gasoline tax. Over the decades, it became increasingly apparent that the nation’s highways were falling into disrepair. That was made abundantly clear by the 2007 collapse of a section of a bridge on I-35 outside of Minneapolis...

Read more

By SEO Team

0

What Is Extended Pay?

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your performance and payment bond needs. What Are Performance Bonds? To understand what is extended pay, you must first understand how performance bonds work. Purchasing a performance bond (as well as a payment bond) is a legal requirement under the federal Miller Act of 1935 for being awarded a federally funded contract in excess of $150,000. Similar legislation exists in most states for state-funded construction projects. And private project owners increasingly are requiring performance bonds from their contractors. A performance bond provides financial protection for project owners in the event that a contractor fails to bring a project to successful completion. Performance bonds are issued in specific amounts (usually to cover the full project cost) and for a specific length of time, by the end of which the job should be completed. Each performance bond is a legally binding contract among three parties: The “obligee” (the project owner requiring the bond), The “principal” (the contractor required to purchase the bond), and The “surety”...

Read more

By SEO Team

0

What Are Underbillings?

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your performance and payment bond needs. What Are Underbillings? The Definition in Construction Underbilling occurs when costs have not yet been billed or reimbursed. The accounting method most commonly used by contractors to report earnings is the percentage of completion (POC) method. A project’s revenue is calculated using the contract price and the percentage of completion and very rarely matches the amount billed. The difference between the two is either an underbilling or an overbilling. POC accounting determines the percentage of work on a project completed as of a particular date, based on the costs incurred to that point as a percentage of the total estimated costs for the project. For example, when a contractor reports having incurred 50% of total project costs but has billed only 35% of the total contract price, there is an underbilling of 15% of the contract price. Why Does Underbilling Occur? Underbilling is fairly common. Underbilling of costs typically is the result of: Slow billing that occurs...

Read more

By SEO Team

0

What Is a Work in Progress Schedule?

Surety Bond Professionals is a family owned and operated bonding agency with over 30 years of experience. With access to a broad range of surety markets, our expert agents are ready to assist with all of your payment and performance bond needs. What is a Work in Progress Schedule Report (WIP) in Construction? A work in progress schedule, also referred to as a WIP report, shows where a project stands in terms of completion and billing as of a certain date. It’s an important management tool for keeping a project on track and financially healthy. How Often Are Work in Progress Reports Generated? There is no hard and fast rule governing how frequently WIP reports should be produced on a given project. Ideally, key project personnel, particularly the project manager, is getting together with the accounting folks on a regular basis, perhaps even weekly. During those meetings, information is shared and inconsistencies are addressed. The project budget and schedule are rough benchmarks for where the project should stand at any particular point in time. Construction companies commonly use the percentage of completion accounting model. Costs that have been billed are deducted from the total gross profit forecast for the...

Read more

By SEO Team

0